Reddit is terminal, even if it appears on the surface to be still functional. For two reasons: a) the IPO has caused an irreconcilable rift between user, and the shareholders, and b) Reddit has shattered the trust between it and the users and community leaders (mods, Reddit may call them unelected, but in reality they are elected by popularity of each subreddits -- mods do not have a monopoly over a topic like gaming there can and are many).

It's not immediately apparent, but Reddit will come out of this completely changed, having lost it's true value: the rich community that had gathered there. For a time, there will be posts, but it'll be a cesspit of low effort content, monetized crap, and paid promotion. WTF wants to stick around for that? And then the customers (advertisers) will leave because there is a poor audience. And then it will die, like all enshitified products do.

Don't look at Reddit traffic. Look at the 600% increase in Lemmy traffic which isn't slowing down even a little. Lemmy is quickly building up enough steam to replace Reddit, and then it's simply a matter of time. Lemmy will keep getting better and Reddit will keep getting worse. People will figure it out. As someone who watched the fall of Digg firsthand and in real-time, I can assure you, these things can very much surprise you. They haven't even closed down third party apps yet.